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Halfway There: House Expands Historic Tax Credits

The House of Representatives passed enhancements to the Federal Historic Tax Credits last week as part of a $1.5 trillion Infrastructure Bill. Thanks to all of you who signed our letter to the New York State Delegation asking for their support of expanded tax credits. The credits should be one of the keys to New York’s economic recovery. So, we’re halfway there.

Now we have to make sure our Senators push for these provisions when the Senate takes up its stimulus bill.

The House bill has temporary increases in the amount of credits for all projects from 20% to 30% through 2024; decreasing to 26% in 2025 and 25% in 2026. It also extends the deadlines for completion by a year so that projects impacted by COVID interruptions don’t lose the credits. And it allows use of the credits to rehab schools.

The House also permanently approved much of what preservation organizations have been asking for: projects of $2.5 million or less will be eligible for 30% credits. And it will be easier for non-profits to use the credits.

Your Voice Matters: Please Help Get This Done
Please email Senators Kirsten Gillibrand and Charles Schumer saying: “Please ensure that the Senate stimulus bill mirrors the federal tax credit expansions passed by the House in HR2.”

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